AUSTIN June 25, 2013 - Texas Comptroller Susan Combs praised the passage of House Bill 13, which was signed by Governor Rick Perry and increases transparency for all public pension funds in Texas.

In the past it has been difficult for taxpayers to determine the financial health of public pension funds in our state. House Bill 13, authored by State Representative Bill Callegari and State Senator Robert Duncan, will require all public pension systems to post financial information online so it is readily available and easy for taxpayers to find.

The new law also requires administrators of public pension funds in Texas to undergo critical training that will assist them in making informed decisions regarding taxpayer dollars.

“This is a huge win for Texas taxpayers,” Combs said. “If a public pension fund is underfunded, it is another form of debt that taxpayers are responsible for. When taxpayers are paying the freight, they need to know how much they owe.”

Combs has been at the forefront of government transparency measures throughout her time as Texas Comptroller. Last year she held 40 town halls across Texas, talking with concerned citizens about government debt. Later, the Comptroller’s office provided a series of reports called Texas It’s Your Money, which offered Texans a clear picture of who is taxing them, how their money is being spent, how public debt is growing, as well as a detailed look at state and local pension programs. Each of the reports focused on financial obligations of taxpayers and provided suggestions on how government should provide more transparency regarding those obligations.